Romania’s 461 MW VIFOR wind farm is emerging as one of Southeast Europe’s most consequential renewable projects—not only because of its size, but because of the commercial structure assembled around it. The project combines institutional capital, development-bank participation, Romania’s contracts-for-difference framework and corporate power-purchase agreements. That mixture may become the blueprint for a new generation of SEE wind developments.
Developed by Actis-backed Rezolv Energy with Low Carbon, VIFOR is being constructed in Buzău County in two phases. The first comprises 192 MW from 30 turbines. The second will add 269 MW from another 42 turbines, taking the site to 461 MW and 72 turbines. In July 2025, the developers signed incremental financing facilities of up to €331 million for Phase 2, with EBRD participating alongside a wider banking group.
This financing followed the earlier construction package for Phase 1 and underscores the scale of capital required for modern wind. Turbines, foundations, substations and grid connections must be funded years before electricity sales begin. Inflation, higher interest rates and volatile wholesale prices have made that capital harder to secure across Europe. Projects with only merchant-price exposure increasingly struggle to reach final investment decisions.
VIFOR addresses that risk through several revenue channels. Part of the project secured support under Romania’s CfD programme. It has also signed corporate offtake agreements, including a ten-year virtual PPA with Bulgaria-based aluminium and automotive-components producer Etem Gestamp. The agreement was described as Bulgaria’s first publicly announced cross-border wind PPA.
That cross-border contract could prove as important as the turbines. It shows that an industrial consumer in one SEE country can use a financial agreement to support renewable generation in another. Such contracts enlarge the potential customer base for developers, particularly in smaller national markets where few companies can absorb the output of a utility-scale project. They also allow manufacturers to manage electricity-price and carbon exposure without waiting for a new wind farm to be built inside their own borders.
The environmental impact is material. IFC estimates that the full project can reduce emissions by about 500,000 tonnes of carbon-dioxide equivalent per year. Wind production should also complement Romania’s rapidly expanding solar fleet because it is less concentrated in midday hours. A more balanced renewable portfolio reduces—but does not eliminate—the need for storage and flexible backup.
VIFOR nevertheless highlights several regional constraints. A 461 MW wind plant requires adequate transmission capacity, timely connection works and access to liquid balancing markets. Wind output can change significantly from one hour or week to the next, creating costs if forecasting and reserve resources are inadequate. As renewable capacity grows, project finance will depend increasingly on whether the surrounding power system can accommodate the electricity rather than merely whether the wind resource is strong.
For Romania, VIFOR marks the return of very large-scale wind investment after roughly a decade of slower development. For SEE, it demonstrates that bankable projects are becoming layered financial products: public price stabilisation supports a portion of revenue; corporate buyers provide additional long-term demand; development institutions absorb selected risks; and private investors supply equity.
The model will not fit every market. Western Balkan countries without mature CfD regimes, liquid power exchanges or investment-grade corporate buyers may still need public guarantees and development-bank support. VIFOR nevertheless establishes a significant regional financing reference: 461 MW, up to €331 million of incremental Phase 2 financing, a ten-year cross-border industrial PPA, and a revenue structure deliberately diversified beyond pure merchant exposure.
